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Tax Articles

 

Is Your Estate Plan Aging as Gracefully as You Are?

Is Your Estate Plan Aging as Gracefully as You Are?

Posted by D’Marie Murray on February 22, 2021

An estate plan isn't a static document. You need to review and revise your plan over time because what's important when you're a young adult just starting out likely will be different from what's important when you're retired.

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How Can Business Owners Lower Last Year’s Tax Bill?

How Can Business Owners Lower Last Year’s Tax Bill?

Posted by Timothy Bubar on February 18, 2021

Tax Day is now fast approaching. Luckily, there may still be time for your business to make some last-minute moves to lower its tax obligation for 2020. Plus, there are other long-term planning strategies that business owners should consider in light of today's tax laws, recent economic relief measures, and expected changes to the federal tax rules.

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CAA Offers Tax Breaks for Manufacturers

CAA Offers Tax Breaks for Manufacturers

Posted by Kristin Re’ on February 18, 2021

Tax breaks can provide much-needed relief to manufacturers that have been struggling during the COVID-19 pandemic. A massive spending package that was passed late in December 2020 contains seven federal tax relief measures that may be relevant to the manufacturing sector.

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Bad Debts: What Losses Can You Deduct and When?

Bad Debts: What Losses Can You Deduct and When?

Posted by Douglas Muth on February 18, 2021

Many individuals and businesses have suffered bad debt losses during the COVID-19 pandemic, but the IRS may be skeptical of deductions claimed for these losses.

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Last-Minute Tips for Your 2020 Personal Return

Last-Minute Tips for Your 2020 Personal Return

Posted by Connie Ricotta on February 18, 2021

The good news is that 2020 is behind us. The bad news is that you must soon pay Uncle Sam for taxes owed for 2020. Here are a few ideas to help lower your tax bill for last year, including making tax-deductible contributions to your IRA or HSA, COVID-19-related tax breaks for certain small business owners … and more.

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The Long-Term Impact of CARES Act Loans and Distributions on Retirement Savings

The Long-Term Impact of CARES Act Loans and Distributions on Retirement Savings

Posted by Bryan Staniszewski on February 18, 2021

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allowed plan sponsors to relax loan and distribution rules in 2020, giving participants greater access to funds during the pandemic. These provisions were implemented to provide relief as many employees do not have adequate short-term savings.

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Employee Retention and Family and Medical Leave Tax Credits

Employee Retention and Family and Medical Leave Tax Credits

Posted by Timothy Bubar on February 11, 2021

The new Consolidated Appropriations Act provides employers with some payroll-related tax breaks. This article looks at the extended and modified employee retention tax credit and family and medical leave credit. It also explains how the law affects a 2020 executive order that enabled employers to postpone payment of certain withholdings.

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5 Valuable Tax Credits for 2020 Individual Returns

5 Valuable Tax Credits for 2020 Individual Returns

Posted by on February 10, 2021

Tax filing season is fast approaching. The deadline to file (or extend) your return is April 15. Before you file your federal income tax return, however, it's important to review the tax breaks that are available under current tax law.

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Biden’s Tax Plan: Democrats Have Control, but Tax Reform Details Remain Unclear

Biden’s Tax Plan: Democrats Have Control, but Tax Reform Details Remain Unclear

Posted by Brian Kern on February 05, 2021

Now that President Biden has taken office and Democrats have a slim majority in the House and Senate, many are eagerly awaiting details on any new significant tax legislation the administration will aim to pass.

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Important Tax Figures for 2021

Important Tax Figures for 2021

Posted by Angela Miles on February 01, 2021

Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some important tax figures for 2021, compared with 2020, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions, allowable business write-off amounts, and more.

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